clear to the market and to regulators that the boeing board has the back of dennis muilenburg >> from the vannage point of our board, dennis has done everything right from the beginning. it was sort of clear to us no one was hiding anything. it was a set of engineering decisions that ended up being wrong. this control system will be fixed and it will be safe. and it will have been tested like no other control system at least in my history in the aviation industry. in airplane will fly and will be safe and i'll fly it and my family will fly it. and there is -- the only way to win the brand back is is not advertise it or talk about it but to win it with every next flight >> one other piece of news regarding dennis muilenburg. dave hal calhoun on saturday said he received a phone call from dennis muilenburg -- on capitol hill he was asked by senators and representatives, why are you being paid given the crisis involving the 737 max he didn't have an answer he said that's up to the board on saturday he called dave calhoun and said forget about my bonus and stock grants for 2019. also forg

. >> yes. >> big question right off the bat is the compensation for dennis muilenburg. you have some news about how that's going to be changing, correct? >> yeah, i do. of course, it was sort of obvious to everyone that was an uncomfortable question for dennis dennis doesn't like to speak on behalf of board activities anyway, dennis called me saturday morning, 10:00, with the purpose of suggesting that he not take any compensation for 2019 in the form of bonuses, which is of course most of your compensation it came in two fronts. one, no short, no long-term bonus and, three, no consideration for equity grants until the max in its entirety is back in the air and flying safely as you know, max in its entirety takes us through all of the next calendar year and probably into the beginning of 2021. so it was a significant move on his part nothing surprising about that for me, nothing. dennis's character always does the right thing. dennis was very uncomfortable in that situation, and dennis more than anything walked out of the evening in between the two hearings where he listened for seve

them to have a good point of view. >> do you think dennis muilenburg can survive >> i hope so. >> you do? >> i think he's working hard. >> i think his chairman came out -- >> when was that >> oh, you saw that. >> yeah, yesterday >> i saw -- did you see some of the -- afterwards, becky, that said the crisp responses that calhoun gave to all the answers was in stark contrast to what happened in front of congress with the ceo. >> right. >> i was -- you know, we were part of the interview. that's sort of my take away, too. they were crisp, weren't they? >> absolutely. >> the stock was up -- >> he's a very talented individual. >> i think stock was up 8 or 9 -- >> i actually work with him at blackstone >> you're over there, too? >> yes, i have been for almost five years he's very talented and he's very committed to making sure boeing is successful. he's doing a good job. >> i think a lot of people are pulling for boeing. >> yeah. >> why wouldn't -- it's one of our premiere companies. >> yeah. >> the engineering that goes into those planes and the safety record over the past 50 years. >> it'

emphatic defense of dennis muilenburg as ceo of the company, and it came from the chairman of boeing who has only been in that job for basically about a month. dave calhoun talked with us exclusively this morning on "squawk box. we touched on a number of topics including boeing, dennis muilenburg, the future of the 737 max. here's a little taste of what he had to say about how the board feels about the job dennis muilenburg has done. >> dennis didn't create this problem. but from the beginning, he knew that mcas should and could be done better. it was sort of clear to us, no one was hiding anything. it was a set of engineering decisions that ended up being wrong. that question of culture and anybody's willingness to trade safety against anything else, never seen it, never touched it, don't believe it >> the big piece of news coming out of this interview this morning is dave calhoun saying that he got a call on saturday from dennis muilenburg who, remember, last week, was grilled on capitol hill about his pay package and why he is still being paid, despite all of the issues surroundin

company's sprawling investment portfolio. vivian nunes, bbc news, new york. dennis muilenburg says he will not take a bonus this year following two fatal crashes involving the company's 737 max aircraft. mr mullen berger recently faced us lawmakers who accused him of his firm building flying coffins. he ordinarily received a $13 million bonus on top of his $1.7 million salary. the us coats imports of chinese goods by more than a quarter according to a un study. the organisation found the feud between beijing and washington cost $35 billion in the first half of this year and drove up prices for american consumers. well, they are trying to move closer to a trade deal but beijing is also looking to make progress on a long—awaited european union— china trade arrangement. and i could get a boost today when french president emmanuel macron meets his french counterpart xijinping. i'mjoined by monica miller. macron is going on a charm offensive? a huge part of his agenda on this trip is trade. and to give you an idea of the sins of the scope, he has brought a large business contingent wit

night at 8:00 eastern on the communicators on c-span2. >> dennis muilenburg is the ceo of boeing. he was on capitol hill for a second dayte

conference, dennis muilenburg said the amount would be in the tens of millions of dollars. he told andrew ross sorkin that he came to that decision in part after meeting with the families. >> i wish i gone to visit them earlier. we haveedeen foc ever since the accidents on understanding what happened,ve doingthing we can to fix the airplane, improve the max. we have been focused on working to make it the safest airplane ever to fly. but the personal element of this and the impac it's hadn families, you know it's reminded me of the importance of the work and we talk a lot about at boeing about the fact that lives depende on whatdo, rirltly. that should demand in incredible sense of excellent in how we do it. but until it's personal and you talk wh the families and really hear the personal stories, there is nothing else like that. that's going to stick with me forever. >> as we reported yesterday, boeing's new chairman said bonuses or equity grants for the year until the 737 max is back in the air and flaying safely. >>> time to take look now at some of the upgrades and downgrades. we begin

fix it. >> dennis muilenburg also said he expects to lose tens of millions because he is foregoing a business as well as stock awards for this year, likely for next year as well. he also plans to make a donation to the victims' family funds shares of boeing under a bit of pressure as people continue to question whether or not this plane will be certified by the end of the year. back to you. >> boeing shares are up 2.5% over the past week muilenburg doing testimony for two straight days and calhoun coming to talk to cnbc yesterday, muilenburg today. the read-through i've gotten from investors is maybe we're starting to near the end of the worst of this crisis, the fact that they're coming out speaking publicly this week, is that an interpretation to be had here? >> they certainly want to get ahold of the narrative they lost the narrative on capitol hill last week at the end of the day, what really matters to everybody is can they stick to this timeline? can they get it certified by the faa by the end of the fourth quarter? if they don't change that timeline, i think you see the stock

to help mexico defeat drug cartels. and boeing ceo dennis muilenburg turned down his bonus until the troubled 77 max is flying again -- troubled 737 max is flying again. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. guy: thank you very much indeed. european stocks higher today, but only a little. over the last month in dollar terms, the dax up by 10%, outperforming the s&p, only up by 4%. backeans getting its mojo a little bit. this is bloomberg. ♪ vonnie: still with us, mike holland, holland & co. chairman and founder. have to ask you about the wework scandal, division fund throwing away billions of dollars in bailouts. is it times up? were you inspecting this would happen? how are we supposed to read the times right now? mike: this part of it is familiar from previous things that have happened over the decades. in the private equity market, that was the place where the most extreme, illogical valuations were. companies growing revenues rapidly,

-span2. >> boeing president and ceo dennis muilenburg testified about the safety of the 737 max airplane apologizing to the families of the victims of the lion air, and the ethiopia accidents. he was accompanied by chief engineer john hamilton. the commit heard from current and and former chair providing safety regulations. [inaudible conversations]

who comes to power in december. >> boeing ceo dennis muilenburg facing u.s. lawmakers this week, pledging his commitment to safety before the senate commerce committee. >> we are committed to answering every question that regulators have, and the airplane will fly when everyone is convinced it is safe. >> you had a number of senators pressing on commitments to changing that relationship between the faa and boeing. obviously there was some sort of lapse in how that relationship worked. you did allow these two planes to crash. but while muilenburg talked about needing to get that balance right, needing to evaluate potential improvements, he was not willing to commit to real change. they are trying to make changes, but i don't feel any of these changes have real meat. until boeing takes accountability, but let us to this point where we have to make these changes. i don't think we have seen that yet. >> the bank of japan says interest rates could go lower if needed. walk us through what we learned, and what it means for the lower for longer conversation. >> there were no surprises f

recently, dennis muilenburg is just fine before various committees in the senate and the house, but that his bonus, his 2019 bonus amid this 737 max crisis, well, he's not getting one this year. dagen mcdowell in for charles payne on all of that. this is an issue that bedevils people. muilenburg couldn't win for talking, couldn't win for testifying, but he's still technically ceo and now promising not to take any bonuses. where is this going? >> well, neil, he had to cough up something, right, in terms of taking some responsibility. i work with you, you gave me my job on tv, god help us all. neil: now look at you. dagen: and you always told me the buck stops here. who had that on his desk, harry s. truman? the buck stops here? that's the issue with dennis muilenburg. he was grilled about this, what kind of compensation are you going to give up. i personally don't love when lawmakers try to dictate the decisions of a private company, publicly traded but not government run, and muilenburg was asked are you going to give up any of your compensation, have you lost any compensation. so this i

aircraft. >> the reason i ask is obviously dennis muilenburg had a tough week in washington last week i think there's a question between the balance of is there a mistrust issue, whether with the airlines themselves or with regulators in washington and other regulators throughout the world, and whether there's more benefit to having a dennis muilenburg sitting in that role, especially given and trying to get this plane in the air because people like you trust him relative to the issue of where regulators may or may not sit. >> as i said earlier on, safety is obviously every airline's first, second and third priority it's important that the hard questions are asked. it's important that the hard question are answered. i think in fairness there were two difficult days last week for dennis he is work on trying to get those aircraft back in the skies. that's what's important to his customer. >> is that all you want is the aircraft back? do you need or expect compensation for what happened >> i think it's reasonable that airlines like ourselves would receive some kind of reimbursement for dir

. >> tonight at 8:00 eastern on the communicators, on c-span2. >> boeing president and ceo dennis muilenburg testified about the safety of the 737 max airplane apologizing to the families of the victims of the lion air, and the ethiopia accidents. he was accompanied by chief engineer john hamilton. the commit heard from current and and former chair providing safety regulations. [inaudible conversations] >> this hearing will come to order. thank you all for being here today. one year ago today lion air, flight 610 crashed into the sea shortly after takeoff from jakarta, indonesia. all 189 people on board perished. five months later ethiopian airline 302 departed out of ethiopia just like lion air flight 610, ethiopian flight 302 experienced problems shortly after takeoff and crashed. all 157 persons on board died. both of these accidents were entirely preventible. we cannot fathom the pain experienced by the families of those 346 human beings who were lost. many family members are here today and we appreciate their attendance. i appreciate many of them meeting with members of the committee over time. a

, and mr. dennis muilenburg according to the report, during discussions and communications weakening in march 2016, and boeing proposed removal of the am cast from the flight crew and differences table and it has been brought to you, i too am a pilot, what i valued was information, the operator manual, the quick reference hand out so all important information, sometimes i look and i see there's a lot of information but i knew it's my responsibility to prioritize that information and my concern here is that boeing to not give the pilots the information that they needed and what makes a particularly troubling is the environment this is happening in, a lot of this has been raised in brought to your attention, an environment in which you were chief technical pilot talks about jedi mind tricks to convince regulators to accept a lower level of training, i don't know what a jedi mind trick is but i know when -- it's particularly boggling when boeing has the data far superior than what the regulators have but the chief guy on your team is interfacing with the regulator is playing tricks to d

backing embattled ceo dennis muilenburg of the max crisis. uber, shares falling stocks now 35% below the ipo price in may yesterday on closing bell, the ceo said he sees profitability as david said for the company in 2021 >> it was a very significant beat on the top line in terms of revenue growth accelerating and the bottom line. we increased our 2019 midpoint of our guidance and ebitda by 250 million. i'll tell you, while we haven't finalized our planning, and it is going to take a lot of hard work from a lot of folks, we're targeting 2021 for adjusted ebitda profitability full year >> sort of echoes of what lyft said last week street is mixed on this. i saw price target cuts and raises today. >> you got rbc saying that there is 1.7 billion shares about to be unlocked. web bushes is has 163 million, interesting there was a dispute on that. this is one of those calls, you're listening, good, good, good, good then you get to uber eats and you say what why are they in that business? why don't they cede that business that would make it so 2021, maybe third quarter of 2020, that was the

coverage of detroit. on pace, it is the board's decision. >> this is the -- some is something dennis muilenburg said in front of congress and boy, did he ever pull back on that, we're at a crisis, that was wrong. i -- this is what they always say. you know board comp. a guy on the comp committee, what does he do? for x, y, z that guy is making x, we have to give our guy x and so then it becomes just a self-fulfilling prophecy i wish that they had interviewed brian moynihan they have so many people at bank of america who are paid six figures. which is a good living but, yeah, compensation is a little crazy >> yes and they do have people on the comp committee who are -- and/or not necessarily on every board, but certainly there is cross pollen nation in terms of ceos on the board it is in their interest to make sure it is important that the metric used for executive comp are the right ones that has been a focus of activist investors are we focused as shareholders -- how should you judge how well management has done simply on eps? no most likely not. return on invest to capital. all sor

the world. >> monday night at 8:00 eastern on the communicators on c-span2. >> dennis muilenburg is the ceo of boeing. he was on capitol hill for a second day of testimony on the safety of the 737 max 8 airplane. he appeared before the house transportation committee. >> committee on transportation infrastructure becomes order. i ask unanimous consent that the chair be authorized to request resources. without objection. i also asked the chair and raking member of the full community the recognize for 10 minutes each of the first round of questions. without objection, it's awarded. i want toegin, explain an administrative matter regarding some of the documents we may use in today's hearing, and that will be entered into the record. two unanimous consent request in regards to two documents, list a and list b. list b.t on the b -- a we have been asked that it provides ample authority to release these documents. and the documents from boeing, owing's attorney -- boeing's attorneys agreed to these documents. i see nothing that is export sensitive in these documents. documenttamped every th

. lawmakers say boeing's ceo, dennis muilenburg, did not provide complete testimony when he was on capitol hill last week. leading members of the house say he left a lot of unanswered questions about the 737 max 8, adding their investigation has a long way to run. it was consistent with a culture of concealment and opaqueness. from brazil say top managers received an anonymous email warning about the safety of its mining two weeks before one collapsed and killed almost 300 people. dow jones says authorities are looking at the ceo's response, where he pursued the identity -- the january disaster was the deadliest incident to hit mining in more than half a century. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ready. -- i am ritika gupta. this is bloomberg. heidi. -- haidi. optimismwave of trade sweeping through markets as they are considering removing chinese tariffs. china is said to be reviewing locations in the u.s. where president xi jinping would be willing to meet with donald trump to sig

ahn in new york. that's get you a quick check of the latest business flash headlines. dennis muilenburg will waive his bonus until the grounded 737 max plane is flying again. the chairman says mullen bird retains the confidence of the board and is seen as the right person to guide the jet back to service. max is boeing's best-selling jet but has been banned from the sky since march following fatal crashes that killed 346 people. shery: the union for flight attendants at united airlines says there must be a global consensus on the safety of the 737 max before its members will agree to work again on the plane. boeing hopes for clearance. e.u. regulators are looking at january for the earliest. the association of flight attendants says that if it is is confident the 737 max safe, the members will not agree to work. is planning airways a cochair agreement with indigo to follow more traffic to its networks from india. an official announcement is expected on thursday with the qatar ceo saying the move is not about buying a stake in indigo but merely a commercial arrangement. qatar

union sent to dennis muilenburg after he was on capitol hill earlier this week and essentially, what they're saying is, we want to make sure that this plane is safe when it's certified before we get on these planes and, you know, wait on the customers, help the customers out. there's 28,000 flight attendants, according to the letter, working for american airlines, who refuse to walk on to a plane that may not be safe. we should point out that american, like other airlines, they haven't been flying the max since it was grounded back in march. they've got, what, a number of these that are parked around the country. 24 altogether. off the schedule until january 16th just a week ago, after they reported earnings, doug parker, the ceo of american airlines was on "mad money" and said, we fully expect when the time comes that this plane is certified, that boeing will make good and make up for the money that we have been cost by not being able to fly this plane. certainly flight attendants and pilots are part of that equation, as well. quickly, take a look at shares of boeing. remember, they

there's boeing. the chief executive dennis muilenburg will not accept his bonus for 2019. that may have had some modest influence on the stock which is up four bucks right now at $355. >>> look at shake shack. ouch. cut its sales forecast, warning of slower growth ahead. the stock is down 17%. taken to the cleaners. shake shack. >>> two items for you on airbnb. very exciting company. they are banning party houses. that follows five people being killed in a halloween shooting that was in california. and they are working with the state of hawaii to track down vacation rental operators who owe back taxes. our guest got some money into airbnb, not at the very beginning, sort of midway through the fund-raising process. but you've got money in there now. >> absolutely. stuart: now, they are trying to straighten themselves out with the regulators before they do an ipo. they are trying to ban party houses, catching up with back taxes, that kind of thing. you think they're doing a good job? >> they are. they have been working with the regulators for a long time. it's been city by city, trying to

been spot on. there was a moment where phil confronted dennis muilenburg, reminded me when cronkite went to vietnam after the tet offensive and said we're losing this war boeing is losing the war here. and i just am very concerned that this is a pile-on at this point. i don't know about the 737 regular. i have doug clarker, he didn't mention a problem with that. and that's american and gary kelly from southwest didn't mention anything about it. boeing has to get this -- i mean, boeing has to get this behind them. i don't know this was a very tough week for what i regard as america's greatest company >> hey, jim, real quick, and i apologize, i don't know if you're seeing this crossing the wire as well. >> fitbit in. >> elizabeth warren -- no, we saw the fitbit news. i think it is still halted i'm seeing elizabeth warren proposing a $20.5 trillion in new federal spending for medicare for all program this is apparently financed by taxes on businesses and the wealthy. just -- >> leon leah >> -- not -- >> apple buybacks too. >> you spoke to her about her plans before. >> lee's letter, le

muilenburg is stinging from congressman questioning his $23 million pay package last year. >>s anybody at boein taking a cut or working for free to try to rectify this oblem. >> dennis called me saturday morning, 10:00. with a purpose of suggesting that he not take anyen cotion for 2019 in the form of bonuses, which is of course most of your compensation. >> almost 90% of dennis eamuilenburg's pay last came in the form of a bonus and stock awards. notnly is he waiving those for 2019 but fors long as it takes for boeing to catchat up on 737 max deliveries which mnt not happen early 2021. phil lebeau nightly business report. >> kate spade drags on t evidentiary where we begin the market focus with a company formally known ascheating earnings expectations but they did fall slightly below revenues forecast tha in part to global same store sales at kate spade which fell 16% but seeing the full year outlook above esmate. the shares rose to 26.9537 regeneron topped analyst estimates because of the stropping staled of dupe iksant and the drug ily. the stocks rose 7% to 332.60. and malm

absolutely impossible that dennis' conscience got to him. i think others got to him. >> we're going to keep our ears, eyes peeled for headlines about return to service as he talks more about the max muilenburg's job appears safe, but cnbc has fresh figures on ceo departures on pace for a record year. mcdonald's, sap, service now, nike, under armour. >> those are all really interesting. at nike, i feel it could be more benign, that's kevin plank telling me, i'm a founder, i need to have something bigger going, issuing service now was absoluteman and then to donahoe, donahoe offered the nike job two kinds of ceos leaving. ceos leaving for a better job, bigger job, and then you have some ethical issues. and the ethical issues are the ones i want to focus on. those didn't used to exist. >> some studies are saying they're leaving more often for ethical reasons than for financial performance. >> yes dion, family health, some people really, like charlie schafer when he resigned, spent more time with his family >> off the highs of the morning after we first told people it is happening. xerox h